Ateneo - UPO

The course provides an in-depth study of the basic elements for understanding the functioning of the economic system. Particular attention will be paid to the study of the behaviour of economic actors (consumers and firms) and the analysis of the role of the market in the process of resource allocation, as well as to the different types of market forms. The mathematical formulation of the concepts covered will be included as well as an applied part that consists of several guided exercises.

"Microeconomics" by R. Frank and E. Cartwright; Mc Graw Hill; VII ed. and following

The course aims to provide an intermediate preparation for the understanding of the functioning of the economic system, also through a more complete mathematical formalization. Students should acquire adequate knowledge and an effective ability to understand the main mechanisms of economic choice of agents (consumers, firms, state).

No basic knowledge required

Frontal lectures

The lecturer receives by appointment to be agreed by e-mail

Written exam

1) Consumer theory, budget constraint, consumer preferences, utility, optimal choice, demand, consumer surplus, elasticity, individual and market demand, supply, market demand and equilibrium, state intervention.
2) Production theory, technology, profit maximisation.
3) Cost theory, cost minimisation, cost curves, enterprise supply, industry supply.
4) Perfect competition.
5) Monopoly and monopolistic competition.

1) Knowledge and comprehension: students must acquire adequate knowledge and an effective ability to understand the main mechanisms of economic choice of agents (consumers, firms, state).
2) Ability to apply knowledge and comprehension: students should be able to apply acquired knowledge to understand and solve problems related to consumer spending decisions and business production decisions; use supply and demand to determine changes in market equilibrium and make decisions using marginalist analysis as well as the concept of opportunity cost; price formation in different market types; welfare consequences of different market types; understand the implications for business behaviour of different market types.